Shop for Your New Property with Confidence
Get Pre-Approved for Your Mortgage
Shopping for a new home can be a complex process for home buyers, especially if this is your first time or are uncertain about what you can afford.One of the easiest ways to simplify the process is to get a pre-approved mortgage; this will help you start the home buying process on better footing.
Many homebuyers will bid on a home outside their budget only to find that their offer is unrealistic for their current finances, or conversely they will miss an opportunity as they could have qualified for a larger mortgage. A pre-approved mortgage reduces stress and streamlines the financing aspects of purchasing real estate. As a home buyer with a pre-approved mortgage, you will understand your maximum purchase and spending levels, and you will know what your monthly payments will be.
Upon pre-approval you will receive a conditional commitment, for a specific mortgage amount, at a committed interest rate, for a specific term.
In today’s rising interest rate environment, it’s smart to be protected from rising rates down the road. Most lenders will guarantee the interest rate up to 90 days and some will guarantee it for 120 days from the date of pre-approval. This can increase your comfort with the home buying decision as you will know that your guaranteed interest rate will not be affected while you shop around. In turn, you can then shop with confidence knowing what you can afford before bidding on a home.
An Accredited Mortgage Professional (AMP) is a qualified expert in the field of mortgage lending; reviewing your unique situation, reviewing the full range of mortgage products available and eliminating any assumptions and myths you may have about mortgages and buying a home.
The pre-approval process involves reviewing payment obligations and assists verification of employment and credit history. These steps are the same as applying for an actual mortgage; completing them upfront will save valuable time when approving the actual mortgage, once you find your new home.
When it comes to finding your best mortgage solution, and accessing your best options, call Michele Ellis your Accredited Mortgage Professional.
Michele Ellis AMP, BA
Accredited Mortgage Professional